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Can i cycle a 50 gallon aquarium with two yellow lab cichlids?

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I have had them in my 50 gallon tank for about 3 weeks now. The ammonia is never over 0.25 ppm and is almost always at 0. The nitrites however rise very quickly and can go from 0.50 to 1 ppm in a day or two so i do frequent large water changes to keep the nitrates down. I plan on keeping peacock eels in that tank and returning the cichlids back to the LFS after the tank is cycled. Is it possible to cycle the tank with these two fish without adding in any more or will i need to take them back now and start with new fish?

Since you started the cycle with these two fish you might as well continue with them in there. Keep up the water changes as you are doing, it's the only thing keeping the cichlids from stressing and dying.
A cycled tank takes awhile using fish (approx. 4-6 weeks min.) and exchanging fish will not speed things up. Your filter media is slowly building up the right bacteria but it will take time. Adding more fish isn't a good way out either. Your bacteria can not keep up with what you have now so you'll likely be doing 40% water changes daily if not more.
Another choice may be to take the fish back to the store and continuing the cycle with pure ammonia. A fish-less cycle is faster.

i have an aqueon quiet flow 50 power filter on it currently but i was going to get a rena xp2 canister filter to accompany the HOB filter today and add bio media into the canister filter. I have not required much filteration so far because i only have two tiny fish in a large tank and feed them every second day.

A fishless cycle is not only faster, as Strider mentioned, but you are able to grow more bacteria. Cycling with two cichlids will grow enough of a bio-filter for two cichlids, adding any other fish will over load the bacteria and you will have an ammonia/nitrite spike.

When I go fishing I just throw sharp rocks in the water and wait for the dead fish to float to the top... KingfisherEverything happens for a reason. Sometimes that reason is you are stupid and make bad decisions. I think my fish is adjusting well to the four gallon, He's laying on his side attempting to go to sleep on the bottom of the gravel.
Imitation is the sincerest form of flattery. Dear naps, sorry I hated you so much when I was a child... Love me

As long as the fish are out of the tank, add your ammonia and your already on your way to a cycled tank. Get that other filter in there with the bio-media while your cycling as it will build up beneficial bacteria and you'll have enough of it when it's fully cycled to house your ribbon eel and more. Since you already have nitrite readings your cycle should be over fairly quickly once the ammonia eating bacteria catch up.
Good luck. :)

As long as the fish are out of the tank, add your ammonia and your already on your way to a cycled tank. Get that other filter in there with the bio-media while your cycling as it will build up beneficial bacteria and you'll have enough of it when it's fully cycled to house your ribbon eel and more. Since you already have nitrite readings your cycle should be over fairly quickly once the ammonia eating bacteria catch up.
Good luck. :)

Exactly...

When I go fishing I just throw sharp rocks in the water and wait for the dead fish to float to the top... KingfisherEverything happens for a reason. Sometimes that reason is you are stupid and make bad decisions. I think my fish is adjusting well to the four gallon, He's laying on his side attempting to go to sleep on the bottom of the gravel.
Imitation is the sincerest form of flattery. Dear naps, sorry I hated you so much when I was a child... Love me